(MENAFN- Qatar News Agency) Mannai Corporation, together with Apax France (jointly with Altamir) and Boussard & Gavaudan, today announced they have entered into exclusive negotiations for Mannai Corporation to purchase a 51% equity and voting rights stake (on a fully diluted basis) in the Gfi Informatique at a price of 8.50 euros per share.
A press release by Mannai Corporation said the price represents a premium of 34.0% over the volume-weighted average share price during the previous 20 trading days as of November 23rd, 2015 and 31.6% premium over the last closing price before the announcement. The price values Gfi Informatique at some 561 million euros.
Since 2009, Gfi Informatique has successfully followed a strategy designed to make its services and software offering stand out and move up the supply chain. Backed by 2014 revenues of 804 million euros, including 15% earned abroad, Gfi Informatique has launched a new phase in its growth driven by the digital revolution. The firm plans to increase the value added of its combined services/software offering based on innovation and expanding its presence abroad beyond the eight European countries where the firm already operates.
With the planned acquisition, Mannai Corporation seeks to contribute to Gfi Informatique's strategy to accelerate growth alongside the existing management team and shareholders, Apax France (with Altamir) and Boussard & Gavaudan. Mannai Corporation holding a majority stake would give the Firm a long-term shareholder who is an expert in the IT services industry and an effective partner capable of supporting the Firm's growth, especially in the Middle East.
Alekh Grewal, Mannai Corporation Group CEO, said: "This acquisition is in line with Mannai corporation's stated objective of growing its business through diversifying its earnings internationally.
"Mannai becoming one of our shareholders perfectly matches our group's business projects and reinforces our growth plan. In addition, it demonstrates the relevance of the strategy implemented since 2009, maintains the teams and the management of Gfi Informatique and opens up promising development prospects," said Vincent Rouaix, CEO of Gfi Informatique.
Gfi Informatique is a major player in value-added IT services and software in Europe, and occupies a strategic position in its differentiated approach to multinationals and niche entities. The Firm posted 2014 revenues of 804 million euro. Gfi Informatique is listed on Paris Euronext and NYSE Euronext.
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